credit crunch

The biblical theme of judgement confronts us with some tough issues, says Simon Barrow. But rightly understood it is about liberation not vindictiveness, and a reorientation which is economic as much as spiritual, political as much as religious.

As many "responsible for the current financial meltdown" meet "behind closed doors in Washington" to discuss the future of the global economy, the World Council of Churches has challenged the legitimacy of the "G20" group.

The Archbishop of Canterbury Rowan Williams has said greed is the root cause of the current economic crisis and he has called on Christians and Muslims to work together to decide upon a fairer system of borrowing and lending.

There is a "gradual retreat of neoliberalism" in the region, according to participants in a Latin America and Caribbean ecumenical Christian consultation to examine the links between poverty, wealth and ecology.

The current global economic crisis is not just a squeeze on lenders, borrowers and spenders. It also crunch time for the politicians and for the Christian churches, says Simon Barrow. Now is a time to be investing in practical alternatives.

The current global financial crisis is a spiritual one with usury at its heart, argues political economist Ann Pettifor. In spite of the Gospel message, Christians have also colluded in idolising wealth above people and planet.

The global financial crisis should not derail progress on fighting poverty worldwide, religious leaders have said, adding that the current financial market turmoil makes attempts to tackle deprivation all the more urgent.

The US Conference of Catholic Bishops' Committee on Domestic Justice and Human Development has issued a strong statement on the economic crisis, urging the Bush administration and Congress to focus on finance as a moral issue.